S&P 500 Index (SPX) - Daily Chart - March 1-31, 2023 (Source: Tradingview)

March 1

The market seemed unwilling to initiate a fresh start for the month, continuing the downward drift it had experienced at the end of February. The Dow Jones Industrial Average saw a minimal decline of 5 points, while the S&P 500 and Nasdaq Composite indices experienced slightly more significant losses of 0.47% and 0.86%, respectively. A combination of factors contributed to this downward pressure on the market, including rising bond yields, manufacturing data that exceeded expectations, and disappointing earnings forecasts from several prominent retailers. This confluence of events worked in tandem to drag the market into negative territory.

March 2 

Following a lackluster beginning to the trading session, a robust rally emerged, driving the Dow Jones Industrial Average up by 341 points, the S&P 500 index 0.76% higher, and the Nasdaq Composite index with a 0.89% gain. This spirited rally helped the major averages climb out of negative territory, setting the Dow on course to break a five-week losing streak. Fueling the day's rally was Atlanta Federal Reserve President Raphael Bostic's statement that the Fed would pause rate hikes by midsummer, which provided a much-needed boost to market sentiment.

March 3

A vigorous rally marked the end of the first week of March, as the tension around bond yields finally started to ease. The Dow surged by 387 points, the S&P 500 index rose 1.62%, and the Nasdaq Composite index finished 2.04% higher on this trading day. Despite short-term treasury yields reaching decade records and weighing down the market, rate-insensitive sectors, such as industry, pushed back with enough force to lift the major averages. This dynamic demonstrated the market's resilience in the face of ongoing challenges.

March 6

A midday loss of momentum in the market rally led the major averages to close near their opening levels. The Dow Jones Industrial Average managed to rise by 40 points, and the S&P 500 index eked out a 0.07% gain. However, the Nasdaq Composite index fell 0.10%, becoming the only losing major average in this session. The temporarily subdued bond yields provided a boost to stocks, but a higher-than-expected reading on January factory orders caused bond yields to rise again, subsequently dragging stocks lower.

March 7

Federal Reserve Chair Jerome Powell's testimony sent shockwaves through the investment community, causing the markets to plummet. The Dow plunged by 575 points, while the S&P 500 and Nasdaq Composite indices suffered significant losses of 1.53% and 1.22%, respectively. Powell's suggestion that interest rates could be raised even higher left investors deeply concerned, leading to a decline in stocks for the day.

March 8

The markets exhibited a mixed performance as investors cautiously proceeded, still reeling from Powell's testimony. The Dow edged 58 points lower, while the S&P 500 index rose 0.14% and the Nasdaq Composite index ended 0.52% in positive territory. Investor sentiment regarding the possibility of a 25-point rate hike was conflicted with a batch of data that revealed job openings in January had fallen less than anticipated.

March 9

Despite a slightly higher opening, stocks took a downturn as investors braced for the upcoming jobs report and its potential impact on the market. The Dow plunged 543 points, the S&P 500 index declined 1.85%, and the Nasdaq Composite index finished 1.80% lower. Before the market opened, futures rose due to higher-than-expected jobless claims, which hinted at a cooling jobs market—a development that consumers were eager to see.

March 10

A tumultuous week concluded with all major averages dragged down by a bank failure in Silicon Valley. The Dow dropped another 345 points, while the S&P 500 and Nasdaq Composite indices fell 1.45% and 1.38%, respectively. The failure of Silicon Valley Bank prompted its swift closure, marking the biggest bank failure since 2008.

March 13

A lively market began the week with mixed results, as all major averages ended the trading session with varied performances. The Dow fell 90 points, the S&P 500 index dipped 0.15%, but the Nasdaq Composite index rose 0.79%. As Wall Street assessed the fallout from Silicon Valley's bank failure, regulators introduced a program to support customer deposits. Nevertheless, bank stocks declined, and the financial sector took a significant hit.

March 14

Wall Street rebounded on Tuesday, with investors hoping to recover losses from the Silicon Valley Bank debacle. The Dow rallied, settling at a 336-point gain, while the S&P 500 index climbed 1.65%, and the Nasdaq Composite index finished 2.32% in the green. A relief rally led by bank stocks helped recoup major losses from the Silicon Valley Bank crash, as regulators devised a plan to backstop depositors and financial institutions linked to the failed bank.

March 15

Stocks trended lower due to concerns about another bank instability scare, this time emanating from Europe. The Dow fell 280 points, and the S&P 500 index went down 0.70%. However, tech stocks held firm, enabling the tech-heavy Nasdaq to secure a 0.42% gain. Consumers were anxious about the health of Credit Suisse, as Swiss authorities pledged to provide liquidity to the bank if necessary.

March 16

The week persisted with an unsteady trading session, which ultimately saw the major averages settle in positive territory. The Dow closed with a 372-point gain after swinging by 700 points, the S&P 500 index rose 1.76%, and the Nasdaq Composite index climbed 2.69%. Consumer concerns over Credit Suisse's stability were alleviated after the bank announced plans to borrow $54 billion from the Swiss National Bank to boost its liquidity.

March 17

St. Patrick's Day did not bring good fortune to Wall Street, as all major averages dipped at the week's close. The Dow Jones Industrial Average fell by 384 points, the S&P 500 index lost 1.10%, and the Nasdaq Composite index saw a slightly smaller decline of 0.49%. Despite the downturn during the trading day, the major averages ultimately trended upward, with the Nasdaq particularly benefiting from the rally of large mega-cap names throughout the week.

March 20

Wall Street began the week with a rally, as investors moved beyond a turbulent weekend of forced bank mergers and awaited the Federal Reserve's decision on rate hikes. The Dow Jones Industrial Average rose 382 points, the S&P 500 index increased by 0.89%, and the Nasdaq Composite index saw a modest gain of 0.34%. UBS's agreement to acquire Credit Suisse, as part of a deal brokered by Swiss regulators and the Swiss central bank, provided some relief to investor concerns.

March 21

The market continued its positive trajectory on Tuesday, with regional bank stocks making a comeback. The Dow added another 316 points, while the S&P 500 and Nasdaq Composite indices rose by 1.30% and 1.42%, respectively. Shares of First Republic Bank soared with a 30% increase, setting a precedent for other regional banks as major bank executives convened in Washington for a two-day discussion about the industry's future.

March 22

Stocks faced challenges in maintaining stability following the Federal Reserve's latest decision on interest rates. The Dow dropped 530 points after swinging 700, the S&P 500 index declined by 1.65%, and the Nasdaq Composite index finished 1.37% lower. The Fed opted to raise interest rates by the anticipated 0.25%. Federal Reserve Chair Jerome Powell acknowledged the Silicon Valley Bank fallout, stating that while the committee had considered a pause in rate hikes, they ultimately decided to raise them after ensuring the banking system was sound and had sufficient liquidity. However, Powell emphasized that the banking crisis had prompted the Fed to proceed with caution.

March 23

Wall Street experienced a strong rebound following Wednesday's slump, with the Dow rising by 75 points, the S&P 500 index up 0.30%, and the Nasdaq Composite index climbing an impressive 1.28%. Investors encountered both good and bad news: tech stocks made a comeback due to the likelihood of lower interest rates, while the ongoing banking crisis continued to weigh on the market.

March 24

The market saw modest gains to conclude the week, as investors processed the 25-point rate hike and the banking collapse in Silicon Valley. The Dow increased by 132 points, while the S&P 500 (+0.56%) and Nasdaq Composite (+0.30%) indices also finished in the green. The S&P 500 and Nasdaq Composite enjoyed two consecutive weekly gains, but concerns about the banking system resurfaced following a sharp spike in credit default swaps from Deutsche Bank.

March 27

Stocks began the week with a choppy start, as an early relief rally fizzled out by the day's end. The Dow emerged as the day's winner, rising by 194 points, and the S&P 500 index gained 0.17%. However, the Nasdaq Composite index experienced a 0.74% loss. News that First Citizens Bank purchased a large portion of Silicon Valley Bank's assets helped boost bank stocks for the day.

March 28

The market drifted lower during this trading session as March drew to a close. The Dow fell 37 points, the S&P 500 index dipped by 0.16%, and the Nasdaq Composite index declined by 0.49%. Wall Street's biggest winners for the quarter started to lose steam, as tech stocks and other growth stocks faced pressure due to rising interest rates.

March 29

An early morning rally picked up momentum throughout the day, with the Dow rising by 323 points and the S&P 500 and Nasdaq Composite indices gaining 1.42% and 1.87%, respectively. As the markets approached the end of March, fears surrounding the banking sector began to dissipate, and the market's volatility stabilized.

March 30

Stocks experienced fluctuations today, initially reaching highs, then drifting towards the lows, before finally rallying to close in the green. The Dow Jones Industrial Average rose by 142 points (0.04%), the S&P 500 index increased by 0.06%, and the Nasdaq Composite index saw the most significant gain, up 0.07%. Big tech has been driving the market, as investors respond favorably to cost-cutting measures. Meanwhile, regional banks trended lower as investors assessed new government measures designed to test the stability of smaller banks. Investors are now cautiously hoping for a mild recession—enough to curb inflation but not so severe as to significantly damage corporate earnings.

March 31 (Mid-day reporting)

Stocks rose on Friday, ending a turbulent but successful quarter marked by Federal Reserve rate hikes and a mini-crisis from Silicon Valley Bank's collapse. The S&P 500 rose 0.8%, Nasdaq Composite 1%, and Dow Jones Industrial Average gained 242 points (0.7%). The market got a slight boost after the Fed's preferred inflation measure, the core Personal Consumption Expenditures index, showed a smaller-than-expected 0.3% rise in February.